Verdict – Short-term neutral.
DCE iron ore September created lower highs and lower lows during the day. The low of the day at 633.5 broke important support at 633.5. The next breakdown on this level would confirm a new round of accelerated correction. Otherwise iron ore potentially stay in narrower rangebound area. Hourly MACD saw weakened trend. Hourly CCI fell in neutral area after rejected by the boundary of bullish territory. Short-run technical signals were indicating neutral at the moment.
The first support is 633.5. The first resistance is 694.5.
